Nightingale Properties and Wafra Capital Partners obtained financing of $625M from JPMorgan Chase Bank

Nightingale Properties and Wafra Capital Partners through the entity Ng 711 Fifth Ave LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $625.0 million for 1 parcel, including the tax class office bank building designed exclusively for banking (O6) at 711 5 Avenue in Plaza District. The deal closed on August 22, 2019 and was recorded on September 03, 2019.
The property contains a total of 310,000 square feet of built space.
The average loan per buildable square foot is $2,016.
The loan includes $25 million for the rehabilitation of the building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 08, 2012.
Over the past five years, there have been 73 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 73 renovation/alteration projects (A2) applied for with a total estimated value of $18,769,632.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.